Prices of jeera, an essential kitchen condiment, have shot up 45% within a month to record high levels amid continued supply shortages in India and other major jeera-growing countries, trade insiders said. They expect prices to remain firm till March when the new crop will come to the markets.

At the Unjha market in Gujarat, the largest market for jeera in the country, prices given to have increased to Rs 320 per kilogramme from Rs 220/kg less than a month ago. The prices had briefly touched Rs 340/kg, traders said.

“The main reason for the bullish sentiments in jeera is the low level of carry forward stock,” said Karthik U, honorary secretary of Federation of Indian Spice Stakeholders. “The prices shot up a month ago on reports about lower acreage in Gujarat and concerns about germination in some small pockets.”

Jeera merchants had a carry forward stock of just about 8-10 lakh bags of 55 kg each this year, down from a carry forward stock of about 25-27 lakh bags in the previous year, Karthik said.

Supply pipelines in both India and abroad have been empty for a year due to weather and political factors. Buyers have been doing hand-to-mouth buying, traders said. While supplies are tight, demand is expected to rise for the upcoming Ramadan festival, they said.